5 lessons I learnt from the man who perfected online business to become the richest man in world.

If you are not yet financially comfortable or your current level of income is yet to hit a spike, then you should read this, because you are about to discover certain things that will revolutionize your finances and possibly help you kick start your online business too.

In this piece, you will be touched to discover how the richest man in the world today created jobs for over a million people and built an online business of over 1 trillion dollars, but you are also likely to get shocked when you find out that he lost over 30 billion dollars in a divorce suit, yet he is still the richest man in the world. How could that possibly be? So, I am going to show you useful information that made his online business surpass the likes of Bill Gates, Mark Zuckerberg etc.

Welcome to the world of Jeff Bezos, founder of the Amazon Empire. Here are the 5 lessons I learned from a recent documentary of his success.

  1. ‘Why would they buy from you?’ This was the first question he had to answer before starting his company.  ‘They will buy from me because we are going to have and sell more books more than anyone else online’, this was his response. Before he started his online business he wanted to name his business relentless to represent a daunting attitude to business, as he was about to do what nobody has ever done. However, along the lines he changed his mind to the name Amazon, meaning vastness, the name of one of the biggest rivers in the world. You see, Jeff always had a, ‘big things, start small’ slogan that guided his action and made his company start off little but became big. Therefore having a vision for your company, coupled with the right name to represent the vision can go a long way to determine how profitable your business can become.
  2. So before you run off to create a new name for yourself, keep this thought in mind “Big things don’t just happen. People plan for it, people risk a lot for it”. Apart from Jeff’s vision to do what no one has ever done, he put in incredible hours of work to accomplish his dreams. A famous quote by Thomas Edison became a major stir for his achievement, ‘ success is 1percent inspiration and  99 perspiration.  Ideas are just a part of it, execution is everything ‘. Let me explain further. You see, for over 20 years, Jeff convinced his partners not to think so much of profit but plow back returns. If they do in the long run they will almost have no competition. He is quoted saying to this team, ‘let’s forgo profits to take more market share and weaken the competition’. That has become a reality today. The take-home here is hard work and persistence is sure necessary to play big in the market space. It sure pays to know what you want and give it everything.
  3. I grew up loving these wise words from King Solomon ‘The lazy man does not roast what he took in hunting, But diligence is man’s precious possession’. Jeff and the Amazon team knew that for them to be the most recognizable name in E-Commerce they had to ‘hunt and roast their game’. Jeff was always ahead of the pact with innovative and creative ways to expand his business. Amazon after a few years of take-off went beyond just been an online business for books only, but moved to music business, to cloud computing, security, E-commerce, health care, food, and so on. His business soon became an industrial revolution and much talked about in the world. Jeff knew ‘Data was King’ and his corporation fast became a master at understanding customer behavior and reason for purchases and this solidly increased their sales massively. Data collection does not refer to exploitation, but customer behavior was tracked and offers are made to them to help them make better buying decisions.
  4. Operating a 24-hour delivery service did not just connote efficiency or excellence for the Amazon team but an obsession for the customer preferences and meeting those needs. The necessary technology was adopted not for sophistication but to make the service they provide easier to attend to the customers promptly. As of the year 2012.  Over 200,000 robots were built to enhance factory work and sorting of products and over 600,000 people were employed in the labor force to meet up with orders. His motivation and upgrade inefficiency was benched on thinking more about meeting the customer’s needs.
  5. Jeff and the Amazon team become an online sensation and the famous retail online platform, where anyone who wanted to set up an online shop can come online and access millions of customers all around the world, by signing up. From small brands to big brands they all wanted a spot at Amazon, coupled with the millions and millions of prime subscribers.

In my next write up I will explain further who these prime subscribers were and what role they played to help perfect the online business system created by Jeff and the Amazon team. The Amazon story is so inspirational yet as big as they are, there are many who still flood into this space to start up their online businesses and make millions and billions of dollars.

I would like to share with you a free training video that opened me up to the possibility of success to start my own online business GET IT HERE. And be the next Jeff Bezos the world is going to experience.

See you in my next post.

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